It was dropped from world and national (at least in the US) competition something like 10 years ago. It's basically 400+ pounds of crazy guys on a bike that can barely support the stresses of the race.
It's a pretty insane sport-- Bart Bell suffered a serious head injury at the 1992 olympic trials when his front wheel collapsed on the infield, much like what happened in the video but with a much worse outcome. My GF later shared a house with a woman who was his GF at the time of the crash and it sounded like a pretty traumatic experience for her.
I saw video of the tandem sprints at Worlds in Palermo in 1994 and one of the tandems slid *sideways* about 20 m before tipping over.
When my GF rode nats in 94 or 95 she called late one evening while waiting for her race to come up and was on a payphone near the track. I asked her what event was going on, and she said something like "Oh, it's still the tandem sprints. I can hear them crashing"